Yiwei Lithium Energy plans to set up a joint venture in the United States, and its batteries are mainly used in designated North American commercial vehicles.

Thank you, Mr. Air, a netizen of CTOnews.com, for your clue delivery! CTOnews.com, Sept. 8, EVE ENERGY US Holding LLC (Yiwei USA) signed an agreement with Electrified Power, Daimler Truck and PACCAR to jointly fund the establishment of a joint venture company in the United States to invest in battery capacity. Electrified Power, Daimler Truck and PACCAR each own 30 per cent of the shares, while Yiwei LiNeng will be the technology partner of the joint venture with a 10 per cent stake.

CTOnews.com learns from Yiwei Lithium that the total investment of the 21 gigawatt plant is expected to be between US $2 billion and US $3 billion and will initially focus on the lithium iron phosphate (LFP) battery technology family for commercial electric trucks, producing batteries mainly used in designated North American commercial vehicles.

Compared with other chemical batteries, the lithium iron phosphate battery produced by the joint venture will have a variety of advantages, including lower cost, longer life, higher safety and no need for nickel and cobalt raw materials. Electrified Power, Daimler Truck and PACCAR expect the demand for battery technology to grow within a decade, and American customers will benefit from state-of-the-art battery technology factories.